Sierra Sports employs several people, but we will look at one specific employee for this example. Billie Sanders works f

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Sierra Sports Employs Several People But We Will Look At One Specific Employee For This Example Billie Sanders Works F 1 (130.09 KiB) Viewed 10 times

Sierra Sports employs several people, but we will look at one specific employee for this example. Billie Sanders works for Sierra Sports and earns a salary each month of $12,000. ● ● ● Withholdings for federal taxes equal $2,000 Withholdings of state income taxes equal $900. FICA Social Security is taxed at the 6.2% rate FICA Medicare is taxed at the 1.45% rate. Sierra Sports receives the FUTA credit and is only taxed at the rate of 0.6% (as a decimal this is .006) SUTA taxes are $250 Billie has voluntary deductions for health insurance and a 401(k) retirement contribution. • She is responsible for 40% of her $500 health-care insurance premium; • Sierra Sports pays the remaining 60% of the health insurance premium(as explained in employer payroll). Billie's 401(k) contributions total $2,000. O Using the information above, calculate the following: 1) Billie's gross pay 2) Billie's net pay 3) Billie's portion of health insurance 4) Employer's payroll tax expense 5) Employer's portion of health insurance